Market Research For Business Plan

First of all — before you go any further — you should validate your startup idea.

Find your market, ask essential questions, and do extensive market research.

If it hasn’t been done before, you need to do all of this as a way of articulating a discernible, tangible and marketable value: what value is your startup idea bringing to the world?

alue is a funny thing; it means different things to different people at different times, changing as much with one as the other.

The business environment, consumer preferences, social trends, environmental issues, economic factors — all these things are in perpetual flux, constantly changing people’s concept of value.nother useful abstraction for thinking about markets is the concept of problem-solving.

In business school, students are taught a paradigm that breaks down the value concept in terms of how a business interacts with the environment (market) in which it operates. Wherever there is value being created, there is usually a problem being solved.Using this knowledge, you can overcome buyers’ main barriers and whatever else stands in the way of the decision to buy your product \ benefits could very well be different for everyone.Some want to save money, others time, and even others who won’t see the value in buying into your product or service without the promise of some extra incentive in return.So, let’s then treat value as the context of a given business.You can imagine why it would be subject to constant change, no?At the same time, you’re not quite sure what you want to eat, and you don’t want to spend too much time not only figuring that out, but hunting down all of the necessary contact information, calling, calling in, and then reading your credit card over the phone.All of these solutions now come in a highly convenient app-form, and now we all recognize how popular apps are.Understanding the main fears of your target audience will give you an insight into why the customer could or would — or has — abandoned your product.In order to determine them, you can ask yourself such questions: In the end, you will have information about what annoys your customers before, during, and after trying to buy something.Could that be because they’re solving relevant problems — some we didn’t even know we had until they’d solved for them?startup does not exist in the entrepreneur’s mind alone.

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